I live in Ontario, How can I repair my credit?

"I have bad credit and I can't get a loan."

"I got divorced, but because I co-signed my spouse's loans and they didn't pay, now my credit rating is bad."

Bad credit happens for many reasons, including job loss, marriage break up, or just poor money management. If you have bad credit, you may not be able to get a loan, or even rent an apartment or lease or finance a car.

How Can I Repair My Credit?

There are a number of ways to repair your credit in Ontario.

First, if there are bad debts showing on your credit report, make arrangements to get them paid off. Your credit score will improve once the debts are repaid.

If you cannot pay off your debts in full, consider filing a debt management plan, a proposal to your creditors, or personal bankruptcy. While each of these things has a serious impact on your credit report, they are all improvements over a number of individual bad items. More importantly, because you have dealt with your debts, you no longer have debts, and that's the first step to repairing your credit.

Maintain Your Good Credit

Once you repair your credit, keep it in good shape. Pay your bills on time. Don't bounce any cheques. Prove that you are a responsible with your money, and your credit score will continue to improve.